IQ option Review
|Customer service hours:||24/7|
|First Deposit Bonus||N/A|
|Special Event Bonus||N/A|
IQ Option is owned by IQ Option Europe Ltd., which is licensed and regulated in Cyprus; license number 247/14. As the regulatory body is in a European Economic Area country, IQ Option is allowed to offer certain financial products and services in other European countries. Under those regulations, IQ Option is licensed to operate in:
- United Kingdom under the FCA (Financial Conduct Authority); reference number: 670182,
- Italy under the CONSOB (Commissione Nazionale per le Società e la Borsa); registration number: 0008204/15,
- Spain under the CNMV (Comisión Nacional del Mercado de Valores); registration number: 3867,
- France under the Regafi (Financial Agents Register); registration number: 75119,
- Netherlands under the AFM (Authority for the Financial Markets),
- Estonia under the Finantsinspektsioon (Financial Supervision Authority), and
- Czech Republic under the ČNB (Česká národní banka).
The company was established in 2014 and since, it has grown exponentially, becoming a leader in the online brokerage industry. IQ Option started out as a Binary options broker but gradually expanded its services to Forex and CFD trading. It is one of the only online brokers that still offers binary options. It is an intensively regulated industry and not many brokers can comply with the strict regulations. However, the binary and digital options are only accessible to professional clients; traders who have the experience, knowledge and expertise to make their own investment decisions and properly assess the risks that they incur.
IQ Option Trading Platform
IQ Option is known for not following the norms of the industry. We particularly found their trading platform completely different from those used by other brokers. The user-experience we received is definitely different, but we like different.
So, who are the guys behind this amazing trading platform? IQ Option developed its own trading platform with all the existing trading tools required to trade on the assets.
Among our plus point that we gave to the IQ Option trading platform is the consideration they took while designing the platform. It is web-based and fully responsive; and as such can be used on all types of devices, regardless of the screen size.
The layout is very nicely designed with all the important sections readily accessible and the colour palette used is very easy on the eye.
The bulk of the platform’s screen real estate is taken by the chart, which can be very easily customised in various ways to suit the requirements of different traders. Different graph types are available including the popular candle, bars, line and Heikin-Ashi. The time period for the candles and bars graphs can also be customised and the options are from a mere 5 seconds to 1 month.
Moreover, traders can choose to display several charts on the same platform. This can be very useful, especially to seasoned traders who have many opened positions. As many as 9 charts can be opened at the same time.
The left tab can be used to display many different information like a summary of all the active and pending positions, the trading history, chat and support, a leaderboard of all the active subscriber of the broker, market analysis, video tutorials and many others.
The available assets are listed on the very top of the platform, traders can choose which assets to display and which to hide. Positions can be very easily opened or closed on a tab on the right of the chart. Even when several charts are opened, each will have the tab to place trades.
This is one of the best trading platforms we have come across.
IQ Option Accounts Types
IQ Option offers 3 accounts types; one for each of the financial products it offers. The accounts types are
- Demo account
- Retail client account
- Professional client account
Opening a Demo and Retail client account with IQ Option is as easy as entering your name and email address in their registration form and choosing a password. The demo account does not have an expiry date, meaning that traders can take their time and properly assess the trading platform and the other features and services of the broker before deciding if it is the right one for them. Traders get a one time $10,000 of virtual fund to use with their demo account.
To start trading for real, every account must however be verified; it is a 4-step process:
- E-mail confirmation
- Phone verification
- Personal data
- Trading experience. Strategies used
The trading experience part may seem a bit long and an overstretch as it requires traders to solve different trading problems and answer online trading related questions.
To be categorised as a professional client, traders must fulfil one of these three criteria:
- Trade size and volume
Have a minimum of 10 significant trades per quarter
- Portfolio size
Have an investment portfolio of at least €500,000. Investment can be with different brokers
Traders must work or have previous work experience in the financial industry and gained expertise in complex financial instruments
IQ Option Assets
IQ Option offers assets from the Forex, Stock, Cryptocurrency, Commodity, and ETF financial markets. The broker offers over 300 tradable assets including the most commonly traded currency pairs, stocks, commodities and ETFs.
However, a big disadvantage of IQ Option is that it does not offer any indices to trade. We contacted the customer service about this and we were told that the broker is currently not offering any indices but that they would soon be available.
Another innovative feature of IQ Option is the different ways they give traders to invest in particular assets. While all the assets are listed on their assets page, they also have a very convenient stocks collection and industry page. The stocks are very nicely divided into 15 ‘collections’ including IT & Internet Blue Chips, 10 Dividend Kings, Warren Buffet’s Favorites amongst others. Each of these collections has several stocks with an overview, analysis and latest news section as well as the option to invest in them directly.
See the collection of 'Warren Buffet's Favorite' in the screenshots below:
IQ Option Security
Like most traders, we also wanted to know whether our funds were safe and what were the functionalities of IQ Option which allows a safe trading experience. How far can we really trust this broker?
The very first thing we looked for is whether this broker was regulated or not. Regulated brokers offer much safety to traders as they are international financial organization. In the case of IQ Option, we noticed that this broker is regulated by several regulatory entities including the CySec and FCA among others.
Now that you are aware of IQ Option’s regulation status, what other safety measures did they implement to protect the traders? One crucial information most traders want to know is whether the information given over the internet is kept securely by the broker.
IQ Option uses SSL certifications to protect communication over the web. This is technology is widely used by organizations which have a large transfer of information which happens over the internet.
Regarding the monetary transfer, IQ Option, being a regulated broker requires compliance documents to check the reliability of the requests made.
IQ Option Customer Service
While trading, mistakes and bugs are bound to happen so what should you do in these situations. Customer support is one important feature which most of the time helps traders solve their different issues and challenges.
IQ Option main channels of support are through:
- Live chat Support Tickets
- Phone Calls
As such, we decided to test their Live Chat by opening support tickets and requesting information about their trading platform.
It took us an average of 30 minutes for our support ticket to be processed. This is quite long for a trader of the calibre of IQ Option. But, we didn’t miss the opportunity to make our opinion known to the guys of IQ Option through their rating interface. The response was done in a proper and professional way.
Following our conversation with the support agent, we were also notified by email about our conversation with a link to the response. The good thing from IQ Option is that they have a notification method quite similar to Facebook which makes sure that the trader is aware.
Is IQ Option a Scam
IQ Option is not a scam. The broker is regulated by CySEC and has the licenses to operate in several European countries via their regulatory bodies. Get all the information about the regulations of IQ Option.
Our Final Opinion
IQ Option is one of the most popular online brokers. It started out as a Binary Options broker before it started to offer CFD and Forex trading. It is one of the safest online brokers as it is highly regulated by several regulatory bodies and as such must follow strict rules and regulations. The broker offers a wide variety of financial products in all the major financial markets. IQ Option has its own trading platform which is one of the best platforms we have come across. It is user-friendly and trading enthusiasts can very easily learn to trade on it. Overall, we recommend it to traders, beginners and experts.
Besides its demo account which allows traders to have the first feel of trading binary options, IQ Option also has a resourceful repository of educational materials. For instance, its video tutorials are further split into short videos such as how to get started with the platform and various strategies traders can use while trading online.
IQ Option is quite restrictive in its sharing of knowledge materials. In fact, learning materials such as webinars, which is one of the preferred learning ways of traders, are restricted to IQ Option traders only. It is the same for ebooks and other learning materials excluding short strategy videos.
As you probably noticed, IQ Option has a large variety of learning resources which are destined to entice the novice traders as well as the experienced one. We believe in this approach whereby traders make the effort to learn and have the opportunity to apply their knowledge in their day-to-day trading.
IQ Option is a regulated broker and as such follows strict rules and regulations for their deposits and withdrawals. A wide range of deposit methods are provided:
- Bank Transfer
- WebMoney WME
- WebMoney WMZ
Traders can start trading with the broker by depositing a minimum of only $10. In order to deposit amounts more than €1,999, they however have to verify their account. To complete this process, traders must provide proof of their identity and place of residence.
This process also needs to be completed to make deposits via Skrill, Giropay, Neteller, WebMoney WME, WebMoney WMZ. Deposits by Visa/Mastercard are instantly credited to the accounts of the traders while by Sofort/Klarna take 1 - 5 minutes and Bank Transfer take 3 - 5 days. Deposits by Skrill, Giropay, Neteller, WebMoney WME, WebMoney WMZ are also instantly credited. Traders can deposit in EUR, GBP, RUB or USD.
Traders can withdraw funds from their accounts via Wire Transfer, Neteller, Visa/MasterCard, Skrill, Webmoney WME, Webmoney WMZ. IQ Option only takes a commission of $31 for withdrawal via wire transfer. For the other methods, the broker does not charge any commission, however, traders may have to pay fees charged by the service providers. Traders can withdraw funds in EUR, GBP, RUB and USD, and the minimum amount they are allowed to withdraw is only $2.
IQ Option does not offer bonuses following CySec's Circular C168. You may still open an account.